NSEL-FTIL merger faces more delay

MUMBAI: The decision to merge the defunct, scam-hit commodity exchange NSEL with its parent Financial Technologies (FTIL), the leading technology provider in the financial markets, has been delayed. The government has sought three months more from the Bombay High Court (HC) to pass a final order on the merger as it has received over 19,000 objections from shareholders of FTIL. A chamber summons to this effect has been filed at the HC by government counsel Jay Bhatia. The government was to review and finish hearing the petitioners (FTIL shareholders) by April 6, before passing a final order on merging NSEL with FTIL. But given the number of objections received, the government will have to review each one and consider affording a hearing to the petitioners before passing a final order.